Cdom Or Dom

[Deleted member 134708]

Appraisers should really come together on this one 1 tiny step. Accomplish this and hey, maybe leads to more agreements by 100% of us. I've never seen 100% agree on anything, which is a terrible sign, we should make this a 1st.

Start or continue using strict DOM only (on the UAD field/1004mc) even when it is clearly not representive of what actually took place. Feed the machine garbage.

 

[timd354]

Appraisers should really come together on this one 1 tiny step. Accomplish this and hey, maybe leads to more agreements by 100% of us.

Start or continue using DOM only (on the UAD field/1004mc) even when it is clearly not representive of what actually took place. Feed the machine garbage.

I doubt that the machine uses this field for much of anything at a property level/transactional basis. However, it does provide Fannie's analysts some trending data for the different markets. Fannie is no doubt well aware of the limitations of this data field, however, it is probably pretty useful for the purposes they use it for.

 

[gregb]

The difference between DOM and CDOM-

http://www.srar.com/MLS/pdf/tips/DOM and CDOM Definitions.pdf?Dec2013

 

[timd354]

The difference between DOM and CDOM-

http://www.srar.com/MLS/pdf/tips/DOM and CDOM Definitions.pdf?Dec2013

That particular MLS keeps the CDOM count rolling unless there has been a 90 day gap (or a change in ownership) in listings for a particular property:

The calculation of Days on Market (DOM) is based on the MLS #. The calculation of Cumulative Days on Market (CDOM) is based on APN # or address and will accumulate until a change of ownership has occurred or the property is not available for sale and no Listing Agreement is in effect for a period of 90 days or more.

The problem is that different MLS systems use different criteria to define when to re-start the CDOM count - I know that when the UAD was drafted some MLS systems specified a gap as short as 14 days, while others specified a gap of 9 months or more.

 

[TRESinc]

No way would I ever use strict DOM. That is misleading. on 90 days, off 5 days, on 90 days, off 5, then sold in 60 days. I'm reporting, 240 days. Misleading to say only 60.

I explain why and what.

If was off more than ~31 days then I'll use just the DOM and won't count the prior listing but will mention it.

yep. sometimes you have to do a little more research to see what is really happening. take a look at these i just got from my local MLS. The first one shows DOM as 3 and CDOM as 106. when you look at that sale is was listed on 7/30, changed price on 10/21, withdrawn on 11/9 and relisted on 11/14 at the same price. so per FNMA reporting guidelines it has been on the market for 3 days but it has been at the same price since 10/21.

 

[Deleted member 134708]

yep. sometimes you have to do a little more research to see what is really happening. take a look at these i just got from my local MLS. The first one shows DOM as 3 and CDOM as 106. when you look at that sale is was listed on 7/30, changed price on 10/21, withdrawn on 11/9 and relisted on 11/14 at the same price. so per FNMA reporting guidelines it has been on the market for 3 days but it has been at the same price since 10/21.

View attachment 33643

View attachment 33644

Hey, I'm with you. That's the way I did it as it tells the truth. You are showing your client useful data.

But I'm switching to strict DOM to feed the machine junk that they want. Kinda rock and a hard place, lie and say 3 DOM (on the UAD field) and tell state, FNMA made me do it, or tell the truth 106 DOM and have FNMA not like you telling the truth (on the UAD line)

In todays world, you'd think there would be a class action against GSE's for forcing appraisers to use conflicting data. UAD line you forced appraisers to use 3 DOM and then they had to say in comments "just kidding, that's not really 3 DOM, it was really 106 DOM."

To me as a client I will ask you, why are you showing me it has 3 DOM when really has 106 DOM per your comments. When you say GSE's are forcing me to say that.....I'd raise concern.

 

[Vermonter]

Field on page 1 gets current DOM. If there is an older listing, I report that along with asking prices and any reductions in the addendum.

It's not uncommon to have a seller fish with a ridiculous asking price from spring til fall with no price reductions and then relist it the following spring right around market. The relevance of the prior listings to your current analysis really would depend on how realistic the prior asking price was.

 

[BRCJR]

see attached highlight

 

[Vermonter]

see attached highlight

Highlighted is for FSBOs and says "may report". Paragraph at the top states "DOM is defined as the total number of continuous days..."

 

[BRCJR]

Highlighted is for FSBOs and says "may report". Paragraph at the top states "DOM is defined as the total number of continuous days..."

So you read it to say you can do CDOM in one instance but not the other? Where does it say only FSBO?

If you will read my comment I said "may" (post 28).